The economic activity of the country has been on a decline from the past few months and the sales of different industries decreased massively. The Automobile sector is no exception, with sales dropping by a massive 41.3% during July and August as compared to the same period last year. The total car sales in the month of August were 9,126 against the 15,389 units sold during the same period last year.
Major companies in the sector such as the Honda Atlas Cars Limited (HACL) and Indus Motors Company (IMC), shutdown their plants or scaled-down production for ten days and eight days respectively. The production was halted due to the unsold inventory, decline in buying power of the general public and imposition of different taxes and duties on cars of different engine capacities.
According to different sources, the car sales in August and July as compared to the sales in the same period last year, are as follows:
- Honda City sales declined to 2,558 units in months under consideration as compared to 8,078 units sold in the same time period last year.
- Suzuki Swift sales dropped from 839 units to 338 units.
- Toyota Corolla sales declined from 8,770 units to 3,708 units.
- Suzuki Wagon R sales decline to 1,488 units from 5,222 units.
- Suzuki Bolan Sales declined from 2,559 units to 703 units.
- Sales of trucks dropped to 648 units from 1199 units.
Experts predict that in the coming FY-2020 the sales would further decline by 15% due to the increased prices of automobiles and the decreased buying power of the people.